The 4 things I've really struggled with this year...
So it's my last working week of 2019 and as most of us do at this time of year I've been reflecting on what I've actually achieved, alongside having my first child (which was obviously the main focus and celebration of the year!)
All in all it's been a good year but there's plenty of areas I want to improve on for 2020 and I don't know about you but there's four things that I've really struggled with this year:
TIME
CASHFLOW
MINDSET
CONSISTENT ACTION
TIME
I seriously underestimated the reality of having a child and running my own business - there I said it!
I thought I would run my business in naptimes - how naive was I.
And so yes this year the time I've had available to spend on my business has been significantly reduced. Even in the first quarter before I had Rosie I worked a lot less hours, as I had afternoon naps and generally just needed to take some time out as I got bigger, and bigger!
But TIME is not the enemy. How we choose to use our time, what we prioritise and what we learn to accept as the important boundaries about how we use our time is key.
Time will still be a factor for me in 2020, as I'm chosing not to go back full-time and to just work 3 days (21 hours) a week.
Yes part of the reason is I just don't want to, I want to spend the time with Rosie; and then there's the cost of childcare but really the reason is because since returning to work in the latter part of this year (first just a couple of hours a week and then 2 days a week) I've achieved more and earned more in the last 12 months than I have in any previous 12 month period of this business! And in reality that includes taking 5-6 months maternity leave!
So why would I go back to 5 days a week when I earn more doing less?
(Maybe all the research is right, we're MUCH more productive and focussed when we have less time).
CASHFLOW
I imagine this is an ongoing concern for most young businesses. And it's the one I'm most passionate about - wanting to support more social enterprises secure more consistent income so they can plan ahead and invest in the things their business needs in order to grow their impact.
When I went back through my accounts for this past year (accounting period and calendar year) I was faced with a stark reality.
I'd spent far too much in the business which meant my salary was lower than it should have been, and I probably haven't made a good operating profit (this is still to be calculated).
Now I've acknowledged it I can make some adjustments for 2020, so I don't make the same mistakes again. I know exactly the areas I need to stop spending in.
However, I've also learnt how to bring injections of cash in to my business when I've needed to. I stepped out of my comfort zone and tried new ways of generating an income, plus worked hard at growing my reach.
I also discovered this incredibly helpful book: Profit First by Mike Michaelowicsz, which I'll be using in 2020 to create a profitable business. I highly recommend you read it.
MINDSET
When you're surviving on less than 6 hours of broken sleep (it is getting better, thankfully) it can be hard to maintain a positive mindset about business and what I need to do each week to create an impact and generate an income.
But what I've discovered most this year is that mindset is mostly about practice and ritual. Not only is our mindset programmed through the practices and rituals we've done to date (like our whole entire lives! so it takes a LOT of work to break and shift it), it can be re-programmed when you decide what you want to change and start making those changes repeatedly until it becomes a new habit.
Post-partum I realised positivity just wasn't always possible and fighting daily for a "positive mindset" was not healthy. What was more useful was building a mindset around self-care, commitment (to myself, my business and family), compassion, abundance, humility, and growth.
I found asking myself the following questions really helped: Who do I really want to be? What's not working for me, or has never worked for me? What do I habitually do that is not serving me and my family? What small steps (changes) can I make to shift these entrenched patterns.
CONSISTENT ACTION
My realisation with time, cashflow/profit and mindset have all led me to take more consistent (and persistent) action in my business.
I'm certainly not perfect and there's lots this year I've let slip up but I'm getting better and better at consistently taking action on the things that really make a difference to the businesses bottom line and impact delivered.
Knowing I've only have 14 hours a week of dedicated time to work on my business means getting really focused on the things that truly do matter and ignoring everythinng else. And I mean completely ignoring it, shedding it - there just isn't the time!
A lot of people have got in contact with me and said "Kat, I don't know how you're doing it with a little one - you seem to be rocking it". And I'm grateful and thankful that that's how it appears because I do feel like I'm rocking it most days but don't want you to think it's because I'm some kind of super woman. I'm not. I've just learnt to be super focused and shed the dead-weight, which we all have in our mind and business.
But mostly it's the clutter in our minds... "I need to do this, this and this.....I'm never going to get all this done.... how she's doing that over there.... how's she getting all that recognition and publicity.... why is no-one following me... why are more people not buying from me... I need to be on Facebook... I need to get my email list sorted out... there's no organic traffic to my website what do I do?... Argh my list is just getting longer! ...This isn't working what should I do next? ...Maybe this will never work....How much longer can I continue for..."
This is not the way to run a business.
With less time, a focus on still needing to bring money in and a desire to connect more deeply with my audience, I've spent less time worrying about things; I've accepted imperfection and worked much more in the spirit of trial and error; I've tried things I never would have before and taken risks; and yes I've made mistakes but I've learnt huge lessons which has helped me move forward more quickly too.
My purpose of this message is not necessarily to tell you you can do more in less time, just reduce your hours (although I do actually think this could work for many of you), my point is there's lots of things we spend time and mental & emotional energy on in our business which actually isn't serving us and you're the only one who can choose what to do about this.
I hope some of my own insights above help you to review your own approach for 2020.
If you have any questions, please feel free to email me.
